Seoul, May 26 (IANS): Hyundai Mobis, South Korea's leading auto parts maker, has said it plans to boost its investment in electric vehicle (EV) parts and automotive chips this year.

The auto parts arm of Hyundai Motor Group unveiled its plan during the Mobis Mobility Day in Silicon Valley, where it shared its technological advancements and visions with business partners.

Mitchell Yun, an official from Mobis Ventures Silicon Valley, the company's hub established in the region to foster startups with cutting-edge technologies, said the firm plans to expand its investment in EV parts in 2024, reports Yonhap news agency.

Such projects will make up around 70 per cent of its total investment, rising sharply from the current 50 per cent, he added.

Yun also noted that while the demand for EVs in the global market has slowed temporarily, the industry will eventually move toward eco-friendly cars.

The official, however, did not elaborate on the detailed amount of investment.

Yun added that the company will also expand investment in automotive chips, emphasising the importance of securing a stable supply chain of semiconductors in the wake of recent supply shortages.

Hyundai Mobis is considering investing not only in startups but also in listed companies, he added.

Meanwhile, the company noted that it will significantly reduce the amount of investment in self-driving technologies due to the limits and costs of realising a full autopilot system.